Hudson Bay Capital Management LP Invests $28.55 Million in Neogen Corporation $NEOG

Key Points

• Hudson Bay Capital Management LP bought a new stake of 5,000,000 shares in Neogen worth about $28.55 million, representing roughly 2.30% of the company, and institutional investors now own about 96.73% of the stock.
• Analysts are mixed: Neogen carries an average rating of "Hold" with a consensus target of $10.67, although several firms have upgraded the shares or raised targets (e.g., Wall Street Zen to Buy and Guggenheim to $12).
• Neogen’s latest quarter beat expectations with EPS $0.10 and $224.69M in revenue, but the company reported a steep negative net margin (~-68.47%) and revenue was down 2.9% year‑over‑year.

Hudson Bay Capital Management LP purchased a new stake in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,000,000 shares of the company's stock, valued at approximately $28,550,000. Hudson Bay Capital Management LP owned approximately 2.30% of Neogen at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Savant Capital LLC acquired a new stake in shares of Neogen during the second quarter worth $50,000. Cresset Asset Management LLC bought a new stake in shares of Neogen during the 2nd quarter valued at about $53,000. Evergreen Capital Management LLC acquired a new stake in Neogen during the second quarter worth about $56,000. Osaic Holdings Inc. raised its stake in Neogen by 183.5% during the second quarter. Osaic Holdings Inc. now owns 12,663 shares of the company's stock worth $61,000 after acquiring an additional 8,196 shares during the period. Finally, Tudor Investment Corp ET AL acquired a new stake in shares of Neogen during the 3rd quarter worth approximately $62,000. Institutional investors and hedge funds own 96.73% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Wall Street Zen upgraded Neogen from a "hold" rating to a "buy" rating in a research report on Saturday, February 14th. Guggenheim reiterated a "buy" rating and issued a $12.00 target price (up from $8.00) on shares of Neogen in a research note on Friday, January 9th. Piper Sandler reissued a "neutral" rating and set a $10.00 price target (up from $6.50) on shares of Neogen in a report on Monday, January 12th. CJS Securities upgraded shares of Neogen from a "market perform" rating to an "outperform" rating and set a $10.00 price target for the company in a research report on Wednesday, December 10th. Finally, William Blair reaffirmed a "market perform" rating on shares of Neogen in a report on Monday, March 2nd. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Neogen has an average rating of "Hold" and a consensus target price of $10.67.

Neogen Price Performance

Shares of NASDAQ NEOG opened at $8.86 on Thursday. The stock has a market cap of $1.93 billion, a P/E ratio of -3.20 and a beta of 1.95. The company has a quick ratio of 2.80, a current ratio of 3.91 and a debt-to-equity ratio of 0.38. The firm's 50-day simple moving average is $10.22 and its 200 day simple moving average is $7.60. Neogen Corporation has a fifty-two week low of $3.87 and a fifty-two week high of $11.43.

Neogen (NASDAQ:NEOG - Get Free Report) last released its quarterly earnings results on Thursday, January 8th. The company reported $0.10 EPS for the quarter, topping analysts' consensus estimates of $0.07 by $0.03. The company had revenue of $224.69 million for the quarter, compared to the consensus estimate of $208.50 million. Neogen had a negative net margin of 68.47% and a positive return on equity of 2.14%. Neogen's revenue was down 2.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.11 EPS. Equities analysts expect that Neogen Corporation will post 0.38 EPS for the current year.

About Neogen

Neogen Corporation is a global provider of food and animal safety products, offering a broad portfolio of diagnostic and testing solutions. Headquartered in Lansing, Michigan, the company develops and manufactures tests designed to detect foodborne pathogens, allergens and toxins in food, beverage and environmental samples. Since its founding in 1982, Neogen has focused on delivering rapid, accurate and user‐friendly assays to food processors, grain handlers and quality laboratories around the world.

In the food safety arena, Neogen's product lineup includes immunoassay kits, molecular diagnostics and enrichment media for pathogens such as Salmonella, Listeria and E.

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